The first meeting to discuss the possibility of such a line was held February 4, 1913 at Winans Hall in Harmon Township. Construction began in April, 1913, and on November 12, 1913, the first train came through Rosholt. "(Rosholt) proposed that farmers along the right-of-way for the distance of roughly eight to ten miles on each side contribute $200 for each quarter section of land, either owned or farmed. The money was to be in the form of a loan, with the notes secured by a mortgage in the new railroad. By this means, Mr. Rosholt hoped to raise one-half the cost of building the railroad, with himself to furnish the balance." (Orlando Bjork, 1988 Rosholt-Victor History Book)

The town of Rosholt was named for Julius Rosholt, builder of the F&V, in appreciation for his fair dealings.

In 1915 the F&V was acquired by the Soo Line, and its trackage operated as a branch line by that railroad. The portion of the line between Veblen and Grenville was abandoned in 1971, and in 2000 the trackage between Rosholt and Veblen was sold to the newly formed Sunflour Railroad. Trackage north of Rosholt remains in use in 2006, operated by the Canadian Pacific Railway, the Soo Line's corporate successor.